I don't get it. To avoid the high fees involved with selling BTC, you're saying:
- Buy LTC with your BTC (assuming that you already have BTC on one exchange).
- Send the LTC to a different exchange.
- Change (sell?) the LTC for BTC.
- Sell the BTC for USD/EUR
What's the point? You still have to sell BTC to get USD/EUR. Why go to all the trouble of changing BTC to LTC and LTC back to BTC? You might as well have skipped all the transition steps & just sold your BTC when it was on the first exchange.
Please explain the advantage of doing it your way, cuz I don't see it. Thank you.
I can see this is a way to change exchange, particularly useful if there is a price differential between exchanges, and you are in the most expensive one. But like you I don’t get the point of the exercise if all you want is USD. Also another thing which needs to be considered is whether the btc/ltc exchange rate is different on the two exchanges.
Yes good point - the BTC LTC rate is vital for this method to work!
Or you could just transfer the LTC to another exchange and sell it for dollars directly, or even use the same exchange and sell it there, if the problem is only the Bitcoin network
@fagurado - This is way off topic, but I can't access your blog-posts.
I just wanted to say, "Thank you for trying to enlighten the masses on a recent (actually 4 months ago) serious plagiarism issue taking place on SteemIt.
Unfortunately - Most human beings will believe whatever they want to believe regardless of the amount of truth you put in-front of them.
Cheers to you, and please continue to share the truth.
As I understood from OP, the benefit of from the different exchanges having different values for BTC, sometimes up to $2k difference.
Changing to LTC is simply for enabling quick, low fee transfers, something BTC isn't capable of providing ATM.